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The European single currency maintains positive stability, benefiting from a successful retest of the psychological barrier 1.1400 support level. As a result, the intraday movements are still stable above the mentioned level.
On the technical side, the 50-day moving average still holds the price below, supporting the bullish pricing bias. We notice the stability of trading above 1.1385, the support floor represented by the 61.80% Fibonacci correction, as shown on the 240-minute chart.
The possibility of ascending is still intact to visit the pivotal supply point 1.1475, and it should be noted that consolidation above the mentioned level may enhance the euro’s gains towards 1.1510 and 1.1570 50.0% correction as long as the price is stable above 1.1385/1.1375.
Trading below 1.1375 may cancel the upside, and we may witness a bearish slope targeting a retest of 1.1355 and 1.1310, respectively.
Note: Trading on CFDs involves risks. Therefore, all scenarios may be possible. This article is not a recommendation to buy or sell but rather an explanatory reading of the price movement on the chart.
| S1: 1.1385 | R1: 1.1475 |
| S2: 1.1355 | R2: 1.1510 |
| S3: 1.1310 | R3: 1.1550 |
